Rand weakens on thin trade‚ eyes MPC

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The rand weakened against the US dollar before noon on Tuesday as traders eye the Reserve Bank's monetary policy committee (MPC) meeting later this month for direction.

“Since the beginning of the year the rand has been trading within a very wide range‚ but volumes are extremely thin. Traders are eyeing the MPC meeting later this month‚” said Ockert van Niekerk‚ head of trading at PSG.

At 11.35am‚ the rand was bid at R8.5788 to the US dollar from its previous close of R8.5648 on Monday. The local currency was bid at R11.2582 to the euro from its previous close of R11.2337 and at R13.7982 against sterling from R13.8036 before.

The euro was bid at $1.3126 from its overnight close of $1.3123.

“We should start to see normal trading conditions next week‚” Van Niekerk said. - I-Net Bridge


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